Head of the Suez Canal Authority Mohab Mamish on Thursday signed a cooperation agreement with Japana's Mitsubishi Hitachi Power Systems Americas Board Chairman Koji Hasegawa to develop the arsenals of Port Said and Port Tawfiq harbors and establish a new one in Port Said.

"The agreement aims at benefiting from the expertise of the Japanese side in preparing studies to develop the arsenals of Port Said and Port Tawfiq and establish a new arsenal in el Gouna site in Port Said," Mamish said in statements.

The studies will be conducted on economic and technical aspects, Mamish pointed out.

The agreement will include exchanging expertise in the vocational training field in order to upgrade the skills of technicians and prepare new technical cadres who are able to carry out the authority's development policies, Mamish added.

Meanwhile, Mamish met with the minister plenipotentiary of the US State Department and her accompanying delegation.

During the meeting, the head of the Suez Canal Authority said that the Canal is going ahead with developing the waterway to cope up with the development in the world trade and the steady increase in the ship volumes.